Oil prices will rise too, it said, reaching $125 barrels by 2035 ($215 in nominal terms), from about $107 this year, and instead of the $120 forecast earlier. “Growth in oil consumption in emerging economies, particularly for transport in China, India and the Middle East, more than outweighs reduced demand in the OECD, pushing oil use steadily higher...,” the IEA said.

The US energy market is going through radical upheaval sparked by the development of new technologies, especially the extraction of shale gas through a controversial process called “fracking” that has been limited or banned in other countries. Natural gas demand worldwide will grow in any scenario, though the outlook varies per region, the IEA said.